ED questions Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot. SpaceX’s Crew Dragon spacecraft launches successfully. Jaguar Land Rover could see fresh round of UK investment in early March. Canada authorizes extradition process of Huawei’s CFO, Meng Wanzhou.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
ED questions Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot. SEBI tightens open offer norm, clouding Etihad’s infusion plan in Jet. Naresh Goyal's son Nivaan Goyal likely to join Jet’s Board of Directors.
Face-Off: Former ICICI Bank MD and CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot appeared before the Enforcement Directorate today for questioning in ICICI Bank-Videocon loan case.
The news comes a day after the ED carried out searches in at least five offices and residential premises of the Kochhars and Dhoot in connection with the INR1,875cr Videocon loan fraud case.
What You Need to Know: SEBI tightened the takeover code and Issue of Capital and Disclosure Requirements for exemption from open offers. As per the new norms, the exemption from making an open offer in case of acquisition of over 26% in a listed company will be allowed only to banks, lenders and financial institutions.
Also This: SEBI also removed the “competent authority" clause for exemption from an open offer. Currently, an exemption is allowed from making an open offer to minority investors if there is a court or tribunal order or reference from a competent authority.
What Does This Mean?: The move could adversely affect Etihad Airways’ plan to invest in Jet.
What Now?: Now an exemption is only possible if Jet Airways files for bankruptcy.
Dawn of a New Era: Naresh Goyal's son Nivaan Goyal likely to be named Executive Director of Jet, backed by its lenders and shareholder Etihad Airways, to steer the beleaguered airline through its bailout plan.
The news comes days after Naresh Goyal, Founder of Jet Airways stepped down as the Chairman, to allow the Board to move ahead with a debt recast plan for rescuing the carrier.
Canada authorizes extradition process of Huawei’s CFO, Meng Wanzhou; China opposes the move.
Free to Go?: Canada has allowed the US extradition case against Huawei's CFO to proceed.
Ms Meng was arrested in Canada in December at the request of the US authorities, who had filed 23 charges against Huawei and Ms Meng in January, along with a formal request for her extradition, alleging that Huawei had misled them and a global bank about its relationship with two subsidiaries, Huawei Device USA and Skycom Tech, to conduct business with Iran.
Next Move: Meng will appear in a Vancouver court on March 6, when a date will be set for her extradition hearing.
Pushback: China however opposes the move, maintaining that Meng is innocent of any wrongdoing and that the US prosecution and extradition constitutes an abuse of the processes of law.
Jaguar Land Rover could see fresh round of UK investment in early March.
In Time: As per this report, Jaguar Land Rover could announce a fresh round of UK investment in early March.
The news comes at a time when its owner, Tata Group, is exploring strategic options for its Jaguar Land Rover Automotive unit including a minority stake sale to finding a venture partner that would jointly develop vehicles and lower costs.
How the Mighty have Fallen: Read this interesting article to know how JLR’s hubris could be blamed for its downfall.
Global investment firm Carlyle Group acquires 9% stake in SBI Life from BNP Paribas Cardif.
New Partners: Global investment firm Carlyle Group acquires 9% stake in SBI’s life insurance subsidiary, SBI Life for INR4,751cr through CA Emerald Investments.
Following the transaction, Cardif's stake in SBI Life has come down to 12.8% from 22%, while Carlyle's holding through CA Emerald Investments is at 9%. SBI remains the majority shareholder with 62.1% stake in the company.
Read the official press release here.
SpaceX’s Crew Dragon spacecraft launches successfully. Jeff Bezos plans for a space entrepreneurship.
Ripley’s Believe It or Not: SpaceX’s Crew Dragon spacecraft successfully took off on Saturday morning. The uncrewed spacecraft launched from NASA’s Kennedy Space Centre in Florida on top of a Falcon 9 rocket, carrying a dummy pilot called Ripley.
The flight will provide SpaceX and Nasa with vital data to determine whether the spacecraft is ready to carry passengers.
This marks the first major step for US to resume sending astronauts into space in its own spacecraft after NASA ended its space shuttle programme in 2011, relying on Russia’s Soyuz spacecraft to take astronauts into space, since.
We Regret the Inconvenience Caused: SpaceX is expected to launch its first crew in July, and Boeing, which has a separate NASA contract to build and operate commercially developed capsules, is scheduled to fly people by August. But those timelines could slip significantly based on engineering hurdles, according to agency and industry officials. Read this WSJ article to know why.
Bonus: Meanwhile, Jeff Bezos is planning a space entrepreneurship of his own. Know what we are talking about here.
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